YEREVAN, September 17. / ARKA /. VTB Bank (Armenia) has unveiled today a new product designed for redemption of loans.

According to a bank’s press release, customers of VTB Bank (Armenia) can use this product to pay off one or more loans taken from other banks or credit organizations by obtaining a single unsecured loan from VTB Bank (Armenia), thus optimizing their monthly payments on several loans. The bank said also the amount of the single loan may be more than the total amount of the loans taken from other banks.

"Redemption of loans will allow customers to have a single loan repayment schedule and make monthly payments through 65 bank branches throughout Armenia, more than 1500 TelSel payment terminals and via Internet banking. The product is designed to assist customers in managing their loans, the Russian-owned bank said.

It said the product allows customers to reduce their monthly payments on a loan; obtain additional funds; reduce interest rate on a loan and combine multiple loans into a single one.
he annual interest rate, the maximum limit and terms of the loan are set in accordance with the terms of relevant products.

The loan is granted as a single amount and is transferred to customers’ credit accounts at other banks or credit organizations. If the single loan is more than the credits in other banks, the unused portion of the loan remains on the client's account.

VTB Bank (Armenia) is a subsidiary of Russian VTB Bank. As of late June 2015 its assets totaled 316.8 billion drams, a decline of 12.3% from the beginning of the year; its liabilities stood at 287.2 billion drams, a decline of 13% and its capital was worth 29.6 billion drams, a drop of 3.5% when compared to the beginning of the year. ($ 1 - 482.76 drams) .- 0-